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May 7, 2018

Cleary Gottlieb is acting as legal counsel to International Flavors & Fragrances (IFF) in its $7.1 billion acquisition of Israel-based Frutarom Industries. The deal, announced on May 7, 2018, will make IFF the largest flavoring company in the world.

Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Frutarom’s shareholders will receive for each Frutarom share $71.19 in cash and 0.249 of a share of IFF common stock based on the 10-day volume weighted average price (VWAP) for IFF’s common stock for the period ending May 4, 2018, for a total value of $106.25 per share.

IFF is a leading innovator of sensorial experiences that move the world. Its 7,300 team members globally take advantage of leading consumer insights, research and development, creative expertise, and customer intimacy to develop differentiated offerings for consumer products.

Frutarom is a flavors, savory solutions and natural ingredients company, with production and development centers on six continents. It markets and sells over 70,000 products to more than 30,000 customers in over 150 countries.